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Sunday, September 21, 2008
12:08 AM | Author: Brett Bumeter - Unknown | | | Edit Post
Even shipping giant FedEx couldn't avoid the blood bath on Wall St. this week as earnings fell 22%. Interestingly enough, the global shipper met their forecast and even attributed the lackluster performance to tightening global markets and stunted growth. Over the last year shares have fallen from $1.58 to $1.23. Granted, that isn't too alarming, especially since their revenue increased $.75 million last year alone.
"As FedEx faces today's especially tough economic challenges, we'll continue to hold the line on costs across all segments," Chairman and Chief Executive Fred Smith said. "This includes lowering variable incentive compensation, controlling discretionary spending and limiting staff."
In addition to potential cutbacks and layoffs to keep their metrics in line, FedEx has also "significantly curtailed" bonuses and hirings unless it is essential. I wonder how far up the line the cutbacks have gone. I don't expect too far.